Monday New York Fed President William Dudley laid down the law arguing that large financial institutions have continued ethical problem and remain under public suspicion years after the financial crisis. The bottom line was hard-hitting:
After three busy weeks of activity, regulators took a break during the last four days. Published costs were only $213 million and paperwork burdens declined by more than 700,000 hours. A proposal addressing energy consumption at federal buildings led the week.
Recently, President Obama met with financial regulators in an effort to push the final phases of Dodd-Frank regulation. After more than four years of implementation, the law still has dozens of rules left in the regulatory pipeline. According to American Action Forum (AAF) research, the remaining costs could easily top $10 billion, with more than 5.1 million pending paperwork burden hours.
Regulators didn’t slow down this week, adding more than $4.5 billion in total costs. Annual burdens were $3.7 billion, compared to no quantified benefits, and more than 2.8 million paperwork burden hours.
It was a historic week for regulation, with $18.9 billion in total published costs. Regulators added $1.7 billion in annual burdens, compared to $4.9 billion in benefits, and 4.4 million paperwork burden hours.
The top-line cost estimate of $8.8 billion is a daunting figure. However, it is only the fourth most expensive set of efficiency standards released in 2014.
Several financial regulations added more than $5.2 billion in costs this week. Monetized benefits were a paltry $700,000 and regulators finalized close to one million paperwork burden hours.
Despite attempts to reduce red tape and “promote economic growth,” recent regulatory reform plans from the administration actually added more than $23 billion in costs and 8.9 million paperwork burden hours.
Once regulators publish these revised measures, FDA’s burdens for 2014 will eclipse $15 billion in costs and 7.6 million paperwork burden hours.
The Food and Drug Administration (FDA) recently released a set of revisions to four food safety rulemakings it had previously proposed over the past two years.